The Macerich Company
Supplemental Financial and Operating Information
Company (the Company) is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community/power shopping centers located throughout the United States. The Company is the sole general
partner of, and owns a majority of the ownership interests in, The Macerich Partnership, L.P., a Delaware limited partnership (the Operating Partnership).
As of December 31, 2017, the Operating Partnership owned or had an ownership interest in 48 regional shopping centers and seven
community/power shopping centers aggregating approximately 53 million square feet of gross leasable area (GLA). These 55 centers (which include any related office space) are referred to hereinafter as the Centers, unless
the context requires otherwise.
The Company is a self-administered and self-managed real estate investment trust (REIT) and
conducts all of its operations through the Operating Partnership and the Companys management companies (collectively, the Management Companies).
All references to the Company in this Exhibit include the Company, those entities owned or controlled by the Company and predecessors of the
Company, unless the context indicates otherwise.
The Company presents certain measures in this Exhibit on a pro rata basis which
represents (i) the measure on a consolidated basis, minus the Companys partners share of the measure from its consolidated joint ventures (calculated based upon the partners percentage ownership interest); plus (ii) the
Companys share of the measure from its unconsolidated joint ventures (calculated based upon the Companys percentage ownership interest). Management believes that these measures provide useful information to investors regarding its
financial condition and/or results of operations because they include the Companys share of the applicable amount from unconsolidated joint ventures and exclude the Companys partners share from consolidated joint ventures, in each
case presented on the same basis. The Company has several significant joint ventures and the Company believes that presenting various measures in this manner can help investors better understand the Companys financial condition and/or results
of operations after taking into account its economic interest in these joint ventures. Management also uses these measures to evaluate regional property level performance and to make decisions about resource allocations. The Companys economic
interest (as distinct from its legal ownership interest) in certain of its joint ventures could fluctuate from time to time and may not wholly align with its legal ownership interests because of provisions in certain joint venture agreements
regarding distributions of cash flow based on capital account balances, allocations of profits and losses, payments of preferred returns and control over major decisions. Additionally, the Company does not control its unconsolidated joint ventures
and the presentation of certain items, such as assets, liabilities, revenues and expenses, from these unconsolidated joint ventures does not represent the Companys legal claim to such items.
This document contains information constituting forward-looking statements and includes expectations regarding the Companys future
operational results as well as development, redevelopment and expansion activities. Stockholders are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors that
may cause actual results, performance or achievements of the Company to vary materially from those anticipated, expected or projected. Such factors include, among others, general industry, economic and business conditions, which will, among other
things, affect demand for retail space or retail goods, availability and creditworthiness of current and prospective tenants, anchor or tenant bankruptcies, closures, mergers or consolidations, lease rates, terms and payments, interest rate
fluctuations, availability, terms and cost of financing, operating expenses, and competition; adverse changes in the real estate markets, including the liquidity of real estate investments; and risks of real estate development, redevelopment, and
expansion, including availability, terms and cost of financing, construction delays, environmental and safety requirements, budget overruns, sunk costs and lease-up; the inability to obtain,